
Today in crypto, Robinhood’s plan to tokenize stocks on its new chain could divert liquidity from NYSE and other major exchanges, a Coinbase executive speculates over the slight possibility that the recent movement of $8.6 billion worth of Bitcoin was the result of a hack.
Robinhood’s 24/7 tokenization push threatens NYSE revenues: Galaxy Digital
Robinhood’s plan to tokenize stocks on its new Ethereum-compatible blockchain could shift trading volume away from traditional exchanges like the NYSE, undermining their core revenues from trading fees and market data, according to Galaxy Digital.
At the EthCC conference this week, Robinhood CEO Vlad Tenev detailed plans for “Robinhood Chain,” an Ethereum-compatible layer-2 on Arbitrum Orbit. The blockchain will let users trade tokenized derivatives of stocks directly onchain, moving asset trading outside traditional exchange hours.
In a Friday report, Galaxy Digital said that Robinhood’s tokenization move removes assets from traditional market channels and brings them onchain, directly challenging the concentrated liquidity and activity that give major TradFi exchanges like the NYSE their edge.
“This directly challenges the deep concentration of liquidity and activity that gives major TradFi exchanges (e.g., NYSE) their competitive advantage,” Galaxy Digital wrote.
‘Small possibility’ $8.6B Bitcoin transfer was a hack: Coinbase exec
Conor Grogan, Coinbase’s head of product, says there’s a slight chance the $8.6 billion worth of Bitcoin moved on Thursday — from eight wallets that had held the Bitcoin for over 14 years — was caused by a hack, and if so, it could be the largest robbery ever.
“If true (again, I’m speculating on straws here), this would be by far the largest heist in human history,” Grogan said in an X post on Friday, after raising the slim chance that the $8.6 billion worth of Bitcoin moved from eight separate wallets was the work of bad actors.
“There is a small possibility that the $8B in BTC that recently woke up were hacked or compromised private keys,” Grogan said, pointing out a suspicious Bitcoin Cash transaction made before the significant transfers on Thursday involving 10,000 Bitcoin at a time.
Movement of 14-year-old Bitcoin sparks renewed Satoshi rumors
Bitcoin’s (BTC) price slipped on US Independence Day, coinciding with a massive whale moving coins for the first time in over a decade.
The BTC/USD exchange rate declined nearly 2%, falling below the key $108,000 level, according to Cointelegraph Markets Pro and TradingView data.
Onchain data showed that a Bitcoin OG, dormant for 14 years, transferred half of their 80,000 BTC, likely with the intention to sell. If they do, the holder would turn an initial $62,000 investment into roughly $4 billion.
Naturally, the reawakening of the address has sparked rumors that the transaction could be linked to Satoshi Nakamoto, Bitcoin’s pseudonymous creator, who disappeared more than a decade ago.
The coins are moving at a time when corporate adoption of Bitcoin is rising. Industry data shows that 255 companies now hold a combined 3.47 million Bitcoin, accounting for about 3.97% of the total supply.